Post by account_disabled on Feb 24, 2024 0:02:56 GMT -8
Resolution No. 1 incorporates a risk-based approach to monitor the activities of individuals or legal persons carrying out the remittance of funds within and outside the country, as well as the activities of postal service providing companies or franchisees carrying out the transfer of foreign currency operations or transfers of different types of currency or banknotes. Resolution No. 1 also covers sectors of companies dedicated to traffic transportation.
As stipulated in the Bahrain Phone Numbers List recommendations regulated entities must implement a risk-based approach to identify, assess and understand their risks so as to take effective measures to manage and mitigate the risks to prevent money laundering and terrorist financing offences. Both standards thus incorporate unique concepts such as the presentation of risk self-assessment technical reports, the obligation to conduct independent external reviews of prevention systems, and the establishment of annual system reports and the re-establishment of monthly compliance. At the same time, policy procedures and controls are detailed. Indicative alert signs and controls provide guidance to obligated entities so that they can strengthen their money laundering and terrorist financing prevention systems.
The same resolution also takes into account the results of the national money laundering and risk assessments approved by Decree Nos. Analysis of the subject risk self-assessment technical report and analysis of the independent external auditor's technical report. worthIt should be noted that in the process of formulating these regulations, we held working symposiums with representatives of various departments to listen to the opinions of representatives of each department and took these opinions into account in the formulation of each regulations. Resolution No. 1 will come into effect on the same date as Resolution No. 1 and Resolution No. 1 and Article 1 of Resolution No. 1 will be repealed on the same day.. Resolution No. 2 will come into effect on the day, month, year.
As stipulated in the Bahrain Phone Numbers List recommendations regulated entities must implement a risk-based approach to identify, assess and understand their risks so as to take effective measures to manage and mitigate the risks to prevent money laundering and terrorist financing offences. Both standards thus incorporate unique concepts such as the presentation of risk self-assessment technical reports, the obligation to conduct independent external reviews of prevention systems, and the establishment of annual system reports and the re-establishment of monthly compliance. At the same time, policy procedures and controls are detailed. Indicative alert signs and controls provide guidance to obligated entities so that they can strengthen their money laundering and terrorist financing prevention systems.
The same resolution also takes into account the results of the national money laundering and risk assessments approved by Decree Nos. Analysis of the subject risk self-assessment technical report and analysis of the independent external auditor's technical report. worthIt should be noted that in the process of formulating these regulations, we held working symposiums with representatives of various departments to listen to the opinions of representatives of each department and took these opinions into account in the formulation of each regulations. Resolution No. 1 will come into effect on the same date as Resolution No. 1 and Resolution No. 1 and Article 1 of Resolution No. 1 will be repealed on the same day.. Resolution No. 2 will come into effect on the day, month, year.